TAILIEUCHUNG - The Credit Helps Fund a Variety of Projects in Low-Income Communities, but Could Be Simplified

Our aim is to contribute to the above literature by proposing a life-cycle model with individual income uncertainty that can be used to assess how various macroeconomic factors a®ect the equilibrium value of household credit. We show that its value de- pends on (i) the lending-deposit interest rate spread, (ii) individual income uncertainty, (iii) individual productivity persistence, and (iv) the generosity of the pension system. Subsequently, on the basis of aggregate data for OECD and European Union (EU) countries, we ¯nd some empirical support for the predictions of the theoretical model. In the context of discussion on early warning indicators of ¯nancial instability, the results from our work. | United States Government Accountability Office GAO Report to Congressional Committees January 2010 NEW MARKETS TAX CREDIT The Credit Helps Fund a Variety of Projects in Low-Income Communities but Could Be Simplified GAO Accountability Integrity Reliability GAO-10-334 January 2010 À GAO Accountability Integrity Reliability Highlights NEW MARKETS TAX CREDIT The Credit Helps Fund a Variety of Projects in Low-Income Communities but Could Be Simplified Highlights of GAO-10-334 a report to congressional committees Why GAO Did This Study The Treasury Department s Community Development Financial Institutions CDFI Fund awarded 26 billion in New Markets Tax Credits NMTC through 2009 for investment in low-income communities. The NMTC allows investors to claim a tax credit totaling 39 percent of their investment in Community Development Entities CDE over 7 years which CDEs reinvest in qualified communities. This mandated report 1 describes where and how CDEs are using NMTCs 2 assesses how CDEs use NMTCs to offer favorable financing terms to low-income community businesses and describes options for simplifying the NMTC 3 describes how if at all NMTC investments support low-income community development and 4 determines how effective IRS and the CDFI Fund have been in monitoring NMTC compliance. GAO analyzed CDFI Fund and CDE data did case studies of CDEs and interviewed relevant experts. What GAO Recommends Congress should consider options to simplify the NMTC s structure and GAO recommends that the Secretary of the Treasury direct the CDFI Fund Director to collect additional data on program performance and improve projectlevel data. The CDFI Fund agreed with GAO s recommendations and disagreed with GAO s matter for Congress. GAO maintained its matter for Congress evaluating the simplification s effects can include the Fund s concerns. View GAO-10-334 or key components. For more information contact Michael Brostek at 202 512-9110 or brostekm @ . What GAO Found Since 2003

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